Barclays in tax avoidance row

Barclays’ reputation suffered another blow this week after the Treasury ordered it to pay £500m in tax that it had tried to avoid, and called the complex schemes it used 'highly abusive'.

Barclays' reputation suffered another blow this week. The Treasury ordered it to pay £500m in tax that it had tried to avoid, calling the complex schemes it used "highly abusive". The government has now closed the tax loopholes with retrospective legislation. Barclays had signed up to the post-crisis Banking Code of Practice, whereby it undertook not to engage in tax avoidance.

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